近年國際局勢動盪，貿易戰、疫情，與戰爭等重大事件頻傳，經濟政策不確定性（Economic Policy Uncertainty, EPU）的升高也反映出了近年國際經濟體受到的衝擊甚鉅。本研究探討了經濟政策不確定性對企業財務槓桿之影響，並添加財務優勢作為調節變數。本文使用西元2000至2023年之美國上市櫃公司資料進行研究，發現了經濟政策不確定性與對企業財務槓桿帶來的正向影響。此外，研究也發現財務優勢的正向表現會加劇經濟政策不確定性與財務槓桿的正向關係。本研究採用多種迴歸模型進行實證檢驗，研究結果在不同模型下皆展現出高度的穩健性。在事後分析部分本研究發現財務優勢不同面向的分數表現，在作為調節變數時會帶來不同的影響。另外，本文也將樣本分為不同產業進行探討，發現EPU對財務槓桿的正向影響在服務業中更加顯著。

In recent years, global geopolitical instability, including trade wars, the pandemic, and military conflicts, has brought increasing attention to the impact of Economic Policy Uncertainty (EPU) across various fields. The purpose of this study is to examine the effect of EPU on corporate financial leverage and to introduce financial strength as a moderating variable. The study finds a positive relationship between EPU and leverage for publicly listed U.S. companies from 2000 to 2023. Furthermore, the study finds that financial strength enhances the positive effects of EPU on leverage. The results of all analyses are robustly supported by a variety of regression models. Post-hoc analysis reveals that different aspects of financial strength scores have varying effects when used as moderating variables. Moreover, this study indicates that the positive impact of EPU on financial leverage is more pronounced in the service sector.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 vii
第一章 緒論 1
第二章 文獻探討 4
第一節 經濟政策不確定性 4
第二節 財務槓桿 6
第三節 EPU對企業決策調節變數之探討 7
第四節 財務優勢 8
第三章 假說建立 10
第四章 數據來源與研究方法 14
第一節 資料來源 14
第二節 變數定義 14
第五章 研究方法與模型 20
第六章 實證分析與結果 21
第一節 年度樣本趨勢 21
第二節 年度樣本比例 22
第三節 敘述統計 23
第四節 相關性分析 24
第五節 實證結果 26
第七章 穩健性測試 30
第八章 事後分析 34
第一節 計算財務優勢三面向分數 34
第二節 財務優勢獲利面 34
第三節 財務優勢資金需求面 36
第四節 財務優勢營運效率面 38
第五節 標準化迴歸 40
第九章 研究討論 42
第一節 理論面討論 42
第二節 實務面討論 43
第十章 結論、限制與延伸建議 45
參考文獻 46

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